Forex Killer Review – Getting Started
The user interface for Forex Killer is pretty straight forward. At the top is where you enter the price data for last 10 time periods from your broker software. You can either key this in manually or import the data (see below). Then, you set the time frame, currency pair and market. Finally, you set your stop loss and take profit margins and then press Calculate. In a few seconds, the software will determine the appropriate forex signal like Buy or No Trade for that time frame. I’m still not exactly sure what the time frame means but apparently if you get a ‘No Trade’ signal for 15 min timeframe, you can recalculate again for a longer timeframe, eg. 1 hr and maybe get a Buy signal for a longer time frame. The time frame ranges from 5 min to 1 week.
For both the short term and long term signals, Forex Killer gives you the Buy and Sell probability at the bottom of the charts. This tells you how strong the signal is. If the difference between the buy and sell signals is too small, the system will give you a ‘No Trade’ signal. This means that the current market trend is not clear and you should not open any trades now.
Entering Price Data Into Forex Killer:
Forex Killer can import price data from MetaTrader4, Trading Station, DealBook360 and SignalSoftware. So, in hindsight, signing up for Oanda’s demo account was not so smart. I’m gonna be using the MetaTrader4 trading platform for the remainder of this Forex Killer review to download price data as well as execute demo orders. You can setup a demo account and download the MetaTrader4 software for free using this link. During the demo account setup, where it says Deposit: 5000 to open an account, don’t worry. It actually refers to the amount of virtual or play money you want to use with your demo account. I left mine at $5000.
To be continued …
105 Responses to “Forex Killer Review – Getting Started”
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just can’t seem to get the stuff working..
i lost so much with forex killer software;yet i still don’t know how to use it and admin did not answer my question or give me any help;that sucks;if anyone nice enough to show me how to use forex killer the right way to make profit i really appreciate,thanks.
Hi Nelson,
“The trend is your friend” is one of the most quoted in forex. It is better to trade in the direction of the trend than against so having the trend confirmed by looking at both a shorter timeframe and longer timeframe makes sense.
Unfortunately, even with this, you won’t win every trade. Even Andreas Kirchberger, who created Forex Killer tells you in the instruction manual that you won’t win every trade even with Forex Killer. The idea is to be profitable in the long run and that’s the role of Forex Killer.
Hi Mike,
Here’s my thoughts. If you’re trading the 5m timeframe, you’re really trying to scalp the market. If you get 20 pips profit, I would immediately close the position and take that 20 pips. Else, if you want to hold on further, set your stoploss to breakeven and use Forex Killer for the signal to close your positions.
1. I would save the 5m timeframe and export that to Forex Killer.
2. In FK Step 2, I would select the 5m timeframe and GBPUSD currency.
3. I would look only at the short term signals to buy and sell. Remember for the 5m timeframe, that signal is only valid for 5m.
Mike, another thing. If you’re totally new to Forex, use a demo account to practise trading using Forex Killer. Don’t use your hard earned money to learn forex. You can get a demo account from FXCast from one of the links above.
it is good to hear from u,admin,finally and thanks for explaining it to me;so if i use 5 minute chart to export data from mt4 to fk,i will do it after the current 5 minute candlestick close and then save to csv file;and then load from where i put the gbpusd5 data into fk;after that i will calculate to generate next one 5 minute candlestick signal;and whatever price is generated to either buy or sell according to fk result,i will just enter market order;then i will set tp and sl;so i will just wait until the price either hit tp or sl,right?or i will continue to generate the next signal after the current 5 minute candlestick closed?what is the predicted price?according to the manual from fk,it is the price generated from the software but what is it?is it a predicted price to buy or sell along with the signal?or is it the predicted profit price or stop loss price?ok when u replied to nelson and mention ‘Even Andreas Kirchberger, who created Forex Killer tells you in the instruction manual that you won’t win every trade even with Forex Killer. The idea is to be profitable in the long run and that’s the role of Forex Killer.’ i agree;but how long is the time i would consider focusing on when i am trading mini account with less than $500 in the account and yet i am trading every night possible and honestly i don’t really need to profit a lot of pips;i could accept to earn 5 to 10 or sometimes 20 pips per trade;but i have a hard time figure it out which timeframe should i use to get signal from fk;i also try ur recommendation that i used 15 minute chart to get signal and 1 hour chart to get signal on gbpusd (today);what i found out is that in 15 minute chart signal i get buy on short term and sell on long term;on 1 hour chart data i get sell on short term and sell on long term;so i forget about short term and i just placed a market order on mt4 demo as a sell according to both 15 minute and 1 hour chart data but i only use 15 minute chart data to set tp and sl;about close to 1 hour later it is little profit but has not reached tp and i just close it manually (in the meantime i still monitor 5 minute chart instead of 15 minute or 1 hour after i place order);see if i pick sell signal and that is from long term and according to the manual from 4 hour to daily to weekly considered long term but 5,15,30 minute to 1 hour considered short term;i am now very confused that should i use long term signal to trade short term because both 15 minute and 1 hour short term data don’t agree?thanks again and please try to answer this one too,thanks so much.
come on,admin,no response again????i lost 100 pips today,please helpme?
It seem that lot of people do not success with FK. Yes, I believe that without good technique, you will lose your trading using FK. Good Mike have some strategy for you to use. We are the FK user too but with different strategy and of course FK is working to us. We spent lot of time to study this software and finally we found a way to trade using simple FK software. With a good strategy and technique, FK may give you hundreds to thousands pips a month…
hi pips rider,can u kindly show me how to trade with fk as u mentioned in ur post that works for u and fk could make u hundreds of pips a month,thank you for prompt reply.
come on,pip rider,help me how to use fk,please
Hi Mike, I’ve put up a simple winning strategy for Forex Killer on the blog. Take a look. It’ll be a great help to all Forex Killer users out there.
Cheers!
I am a newbie with Killer Forex. I bougt is sometime back but did not use it until I located a stratagy. Since the software supplier provides absolutely no good stratgy for its use, it took me a while to locate one. The one I found is just like the simple winning strategy posted here. I have been using in now and I am up >20% on my demo in just 2 weeks.
I just wanted to let everyone know that I purchased Forex Killer last week and started using it on a MT4 Demo account last Friday. I set up the demo account for $3000. The software was easy to load but the instruction PDF file leaves little to be desired in my opinion. Having dabbled and lost money in Forex in the past the software is relatively easy to use. On Friday the 7th I opened a couple of trades using the 5 and 15min chart data that I loaded into Forex Killer. I walked away from those trades up 40 pips but I didnt get too excited and just took it as beginners luck. Over the weekend I was doing some research on Forex Killer and came across the “Simple Forex Killer Strategy” that can be found on the top of this page in Recent Posts. The strategy is very straight forward and easy to understand. I started testing this strategy on Tuesday the 11th and I also used it again last night the 12th at the same time as directed in the strategy instructions. I have been in 5 trades so far and 4 of them have been profitable. I am up 90 pips in 2 days. So for 3 days of trading using Forex Killer I am up 130 pips and my Demo account now sits at 4300 bucks. I plan on using the Simple Forex Killer Strategy until my demo account expires and I will keep you updated on my results. As I have already said I am not getting too excited about this product yet but if I keep getting results like I have been I may start changing my mind.
hi admin,
I have bought FK software. Unfortunately my laptop has a virus and have to format. So, how can i get back my FK software ?
TQ
Hi Latifah,
Forex Killer would have sent you a link to your member’s area when you bought the software. Login to your yahoo mail and click on that. You should be able to download the software again.
hi admin,
When i use it, sometimes it make me confuse.
The prediction price is for what. The best probability is how much? If i use 15min data, that mean i must use 15min timeframe and after 15min i must input new data for 15 close price. and 15 min signal mean for 15 min trade open and close.
tq
Can I just leave the default take profit and stop loss as per the software? I realise that it’s making more stop loss than profit. Please advise. thanks.
I need the instruction guide for the software. Could you please send it to me.
Hi latifah,
Predicted price is just informational price based on program calculations and predictions. You don’t really need it.
The best probability for signals is 70% or more.
Yes, if you use 15min data, you must use 15m timeframe. When the new 15min period occurs, just add the closing price for the last period into the New box in FK and click Add. Then calculate again for new signal.
Hi Ren, yes, you can use the default stop loss and profit. Are you using the simple forex killer strategy? You need signal probability of 70% or more before opening a trade.
Hi El-Giathi, you can download the manuals and guide from your FK member’s area.
dear sir,
please forward me a link to FK Members Area, i can not find it any where on your web-site.
Thank you
El-Giathi
Dear Sir,could you please send me a link for your members web site.Thank you
Forex Killer Member’s access link
You can access the FK member’s areas through this link => http://learn-forex-online.com/goto/Forex%20Killer/
After acquiring the FK software, they will send you the member’s area link via email.
Hi admin,
Is the FK v1.0 working in same way with FK v3.0 (in producing signals)? I seen that FK v3.0 much more new features.
Yes, the interface is still similar, just optimised to reduce complexity. The new money management features and support and resistance trend line builder are key new features.
The link you have given me takes me back to the Forex Killer order page. I have already Purchased the programe a week ago, and i have downloaded the software but i never received an email with the members area link. Could you please help as i really need the user guide.
can you give the best timeframe and a strategy of FK.
Hi Admin,
What changes can I make to the default settings on FK?
I noticed you changed your default SL and TP depending on the time frames.
Others have changed theirs also and have had more success in doing so.
May I have a better SL and TP to correspond with the timeframes in FK please?
(in your opinion)
These are set at default when I got my FK.
What has been a better SL and TP based on these time frames for you?
TIMEFRAME SL TP
5min 15 20
15min 30 30
30min 40 50
1hr 50 70
4hr 70 90
4days 80 120
1wk 100 160
hi,purchased the software and trading on demo account,but profits never seem to hit take profit level,should i be taking a profit earlier or i am doing something wrong with software when loading data..
regards..
goldtrader
Hi latifah,
Here’s the link to the simple forex killer strategy => http://learn-forex-online.com/2008/03/05/simple-forex-killer-strategy/
Hi sci,
The default SL and TP change automatically when you select a different timeframe in FK.
The default TP levels are reasonable but also depends on the currency pair you’re trading. Some pairs like the GBP/JPY are more volatile and can hit the default TP easily. The best way to set your TP in my opinion is to study the charts for that currency pair and timeframe and measure the average pip gain or loss between a support and resistance trend line. That way, you will get a feel for a reasonable TP level for that currency pair.
For this reason, it is also best to focus on just a few currency pairs and understand the price action well for these pairs. The best forex traders focus on only a few pairs at a time.
Hi goldtrader,
As mentioned in my comment above, the default TP in forex killer is just a guide. Feel free to modify it to suit your trading style. You can also set a Trailing Stop inside your broking platform so that in case you don’t hit your TP and the price reverses, you will still close the trade with a profit.
Please can I remind you that im still looking for the members area and you did not get back to me.
Thank you
Hello El-Giathi,
I am not a customer support representative for forex killer. You have to contact them together with your receipt number for the link to your member’s area.
When I ask about forex killer in forex yahoo group, many said it is scam, I don’t know why..
hi admin, I entered a question yesterday but it seems to have been removed, or for some reason I can’t find it. I will send it on to Andreas
thanx
Hi, I’m a newbie to forex trading and have heared so much about the forex killer software. You mentioned that the signal generated by forex killer must be in line with the trend of the daily chart,please how do I determine the trend on the daily chart?
Forex-Killer is a good software but it depends on your strategy. I used it on demo for 1 month period and it yielded good results, very accurate results but when I used it on live account of $1000, I lost about $50 in the first two trades. I used it in demo for longer time frame and it worked very well but when I used it in live account for scalping it failed woefully.
Please can somebody advise me on how to use Forex-Killer for scalping and how many stop-loss pips should I use?
Thanks.
Hi Timwal, you can determine the trend of the daily chart by using the Support and Resistance trend line builder in Forex Killer.
Hi duyduy,
Many people have used Forex Killer successfully. The makers of FK are so confident of their software, that they offer 8 wk, no questions asked, money back guarantee through Clickbank.
Hi Fidelis,
I wouldn’t use Forex Killer for scalping. The best strategies for FK involve the 1hr timeframe charts.
Hi Admin.
when i takeprofit goal ,shoul i close the positions or FK will do it.How can I put S.L and T.P parameters in Order .
Thanks, Jamshid
Hello Admin, please could you explain how I can use the Support and Resistance in FK to determine a daily trade.?
Thanks.
Hello Jamshid,
When you reach your take profit goal, you have to manually close the position. FK does not do it for you.
The setting of TP and Sl depends on your trading platform. Please refer to your trading platform manual for instructions.
Hi Toluwase,
The Support and Resistance lines are to help you to determine whether to enter a trade or not. Visit http://www.babypips.com for more information on how to use S & R lines.
Dear sir, how do i update my forex killer software, i have deleted my mail regarding the member area… please help
Dear Yuvaraja,
Please contact Forex Killer support at support@forex-killer.com
They will be able to help you.
Hi
You doing a great job here, where do i get the feeds for the fx killer on my mt4 trader. I want to input manually